Vietnam Canada's largest trading partner in ASEAN since 2015

Trade diversification is important for the Canadian economy and drives the need for Ottawa to build strong relationships with Asian countries, she said.

ASEAN is currently Canada's sixth largest trading partner. Canada-ASEAN trade reached 26.7 billion CAD in 2020, while services trade amounted to 5.8 billion CAD, she said, adding that these figures are expected to grow in the context that Canada has permanent diplomatic missions in all 10 ASEAN member countries.

Nguyen affirmed that Vietnam will be an important security partner in Canada's Indo-Pacific strategy, as both countries are committed to multilateralism, global security and combating climate change.

She suggested that Canada could consider joining Vietnam's network of free trade agreements, which currently cover 60 economies representing 90 per cent of the world's gross domestic product, a news agency reported.

During the hearing on trade opportunities for Canadian businesses in the Indo-Pacific, she also reiterated the fundamental factors of the long-standing relationship between Canada and Vietnam. Both countries are members of the Francophonie community and participating in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), she said.

Nguyen, also director of the Canada-Vietnam Trade Council, told the news agency that cooperation between the two countries will continue to develop in all fields, especially trade, when Canada realises the growing importance of Vietnam and the Indo-Pacific region to the supply chain, and the long-term economic growth of Canada.

Fibre2Fashion News Desk (DS)